The home improvement retailer posted a first-quarter profit of $540 million, or 49 cents a share, up from 44 cents a year ago. Analysts expected the retailer to report earnings of 51 cents a share on $13.45 billion in revenue, according to a consensus estimate from Thomson Reuters.

Revenue slipped 0.5 percent to $13.1 billion, down from $13.15 billion in the same period last year.

"Cooler-than-normal temperatures and greater precipitation resulted in a delayed spring selling season, which impacted our results in exterior categories," Robert A. Niblock, Lowe's chairman, president and CEO, said in a statement. "While overall performance in the month of March was particularly soft, April improved significantly and we have maintained that positive momentum through the first few weeks of May."

The company also said it now expects full-year same-store sales to increase by 3.5 percent, and it plans to open 10 new stores this year.